Tags: Cyprus | Bailout | Stocks | Gold

Cyprus Bailout News Lifts Stocks, Euro in Asia Trade

Sunday, 24 Mar 2013 09:14 PM

Asian stocks and the euro climbed in Tokyo Monday morning, as Cyprus reached a tentative accord with creditors on an aid package. Treasuries and gold dropped, as oil and copper rose.

The MSCI Asia Pacific Index rose 0.5 percent to 135.01 as of 9:42 a.m. in Tokyo (8:42 p.m. Sunday in New York), rebounding from its biggest weekly drop in seven months. Futures on the Standard & Poor’s 500 Index climbed 0.3 percent and the euro advanced 0.3 percent to $1.3029. U.S. Treasury futures fell the most in two weeks. Gold retreated 0.1 percent, while oil added 0.3 percent.

Cyprus and the so-called troika that oversees euro-area bailouts reached an agreement in principle on an aid package that was being presented to euro-area finance ministers in Brussels, a European Union official said. A deal moves the country toward eliminating the threat of default and lessens the chance of a disorderly exit from the euro currency.

“Markets are beginning to assume that with these mini-crises coming out of Europe, a resolution is always found,” said Stephen Halmarick, the Sydney-based head of investment markets research at Colonial First State Global Asset Management, which oversees about $150 billion. “That’s good news.”

The euro rose Monday after losing 0.7 percent against the dollar last week, the most since the period ended March 1, and tumbling 1.5 percent versus the yen as Cyprus talks coincided with data signaling the trading bloc’s economy is worsening.

A composite index based on a survey of purchasing managers in the euro-region services and manufacturing industries fell to 46.5 in March from 47.9 in February, London-based Markit Economics said March 21.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Headline
Asian stocks and the euro climbed in Tokyo Monday morning, as Cyprus reached a tentative accord with creditors on an aid package. Treasuries and gold dropped.
Cyprus,Bailout,Stocks,Gold
271
2013-14-24
Sunday, 24 Mar 2013 09:14 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved